An examination of the trading volumes on the Tel Aviv Stock Exchange on Sundays (see table and graph below) indicates that the Sunday Effect has increased in the years 2004-2014.
It emerges from the data that in 2013-2014, trading volume on Sundays was lower by 40% than the trading volume on other weekdays, a significantly higher decrease rate relative to 20%-30% in 2006-2012, and relative to 8%-14% in 2004-2005.
Initial data regarding the first months of 2015 indicate a continued uptrend in the Sunday Effect.
The following Table 1 presents the results of a statistical examination of the data regarding activity on Sundays in the years 2004 to 2014. A comparison of the activity on Sundays with the activity on other weekdays was carried out by means of two methods, as described in Table 1, and the results arising from both methods are consistent with one another and unequivocal.
In our estimation, the decrease in trading volumes on Sundays is primarily attributed to the general increase in the activity of international investors, for whom Sunday is the day of rest. A relatively small part of the aforesaid decrease is attributed to local investors, who prefer to postpone large-scale transactions to other days, on which international investors are also active.